Business Context and Reporting Period
This Form 8-K Current Report was filed by BlueLinx Holdings Inc. on February 17, 2010. The report addresses Item 5.02 regarding the approval of financial criteria for executive compensation under the Company's Short-Term Incentive Plan for fiscal 2010.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The only financial metric disclosed is the performance target used for executive bonuses: Corporate Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA).
Material Changes
The Compensation Committee approved the financial criteria for fiscal 2010. The target bonus percentages for named executive officers remained unchanged from fiscal 2009 levels:
- George R. Judd: 100% of base salary
- H. Douglas Goforth: 65% of base salary
- Dean A. Adelman: 50% of base salary
Guidance, Outlook, and Risks
The filing outlines the structure of the Short-Term Incentive Plan, noting that bonus pools are funded based on performance against strategic, operational, and financial goals. Bonuses are subject to adjustment by the Committee based on individual performance. No specific financial guidance, outlook, or new risk factors were disclosed in this report.
Investor Verification Checklist
- Verify the full text of the Short-Term Incentive Plan referenced as Exhibit 10.1 in the February 7, 2006 Form 8-K.
- Confirm the specific EBITDA targets established for fiscal 2010, as the filing states the metric but does not disclose the numerical goal.
- Review the most recent proxy statement or 10-K to confirm the base salaries of the named executive officers to calculate potential bonus amounts.